Mumbai, May 26 - A benchmark index of Indian equities markets Monday closed flat - 23.53 points or 0.10 percent up - on profit booking in blue chips that wiped out early gains of 419.68 points or around two percent.

The markets were cautious ahead of the swearing-in of Prime Minister-designate Narendra Modi and his council of ministers later in the evening and the distribution of key portfolios.

However, oil and gas, consumer durables, bank, realty, power and healthcare came under sustained selling pressure.

The 30-scrip Sensitive Index (Sensex) of the S&P Bombay Stock Exchange (BSE), which opened at 24,913.89 points, ended the day's trade at 24,716.88 points, up 23.53 points or 0.10 percent from the previous day's close at 24,693.35 points.

The Sensex touched a high of 25,175.22 points and a low of 24,433.90 points in trade.

Depending on the reform trajectory and macro recovery, we believe markets could sustain the positive momentum in long run. Sectors we believe have a positive outlook are education, infrastructure, power and housing finance, said Sanjay Sachdev, chairman, ZyFin Capital.

Though earnings may take time to reach the pre-2008 levels, the medium term traction will continue with the strong push by the government to reform and remove some of the impediments the economy has faced recently.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) also closed flat. It ended 8.05 points or 0.11 percent down at 7,359.05 points.

Nifty opened the day on a positive note, sustained well above 7450 and tested 7500 levels. Profits booking was seen at 7500 levels and selling got accelerated below 7400 levels and benchmark ended the day on a flat note, said Shrikant Chouhan, head of technical research, Kotak Securities.

Midcap and PSU banks faced the selling heat. For the coming sessions, 7270 and 7230 will remain important support for the market.

The prominent Sensex gainers included Mahindra and Mahindra, up 6.23 percent at Rs.1,230.30; Seas Sterlite, up 4.24 percent at Rs.279.20; Wipro, up 3.18 percent at Rs.504.55; Tata Motors, up 2.76 percent at Rs.443.30; and Larsen and Toubro (L&T), up 2.16 percent at Rs.1,544.20.

Of the 30 Sensex scrips, 18 closed in the red. Among the major Sensex losers were BHEL, down 4.79 percent at Rs.259.40; Tata Power, down 4.11 percent at Rs.101.40; Gail India, down 3.64 percent at Rs.410.05; Hindalco Inds, down 3.19 percent at Rs.147.15; and NTPC, down 2.49 percent at Rs.156.35.

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